2739 Saint Paul Street: 4 Apartments on a Great Block!

You gotta love this block.  Grand buildings have a sense of class and a sense of mass!  Rounded bow windows on the front, with detailed roman cornice work and accent stone below the window, make these really handsome buildings along the 2700 block of Saint Paul Street.  3,422 sq.ft. of building area above grade, with three full floors (no cutting backspace on the third floor), the room sizes are quite generous and spacious with high ceilings and historic character including crown moldings and decorative fireplace mantels.  In addition to the upper floors, the terrace is built out as living space.

This building is zoned for 3 dwelling units (first floor and second floor front, 2nd floor rear, and third floor) and 1 rooming unit in the terrace or basement level.  The Terrace-level unit is quite large, the only difference being that you technically cannot have a stove in the kitchen.

Apt 1 is a two-story unit with a large living room, dining room, huge kitchen, bathroom on the first floor and an interior stair leading to a large second bedroom in the second floor front of the building.  Apt 1 has a full-size washer-dryer in the apartment.  Apt 2 is the second floor rear, with one-bedroom, living room, kitchen, and bath.  Apt 3 is a 2-bedroom full floor apartment (about 1,000 sq.ft. of space).  The Terrace is a large one-bedroom apartment.  Terrace and third floor are currently vacant.

The building features 400-Amps of electric service with 100-Amp service to each apartment.  There are 3 gas meters.  The building has one gas boiler circulating hot water through a radiator system, so the owner pays the heat.  The building has one gas water heater, so the owner pays the hot water for the building.

The Terrace Apartment had water penetration from a leak from the building next door.  The owner did nothing to remediate this situation, so the Terrace Apartment has significant mold throughout the unit, so this vacant apartment needs to have all drywall removed and gutted and rebuilt.

The property is located 4 blocks from the Johns Hopkins University Campus.  More importantly, the Johns Hopkins University free shuttle bus stops in front of this building at the corner of 27th Street and Saint Paul.  This quickly and easily takes students and workers to Penn Station, Peabody Conservatory School of Music, and on to the East Baltimore Hospital and Research Campus of Johns Hopkins Hospital.

2739 Saint Paul Street has a Walk Score of 90, marking this location as being in a very walkable neighborhood with many shops, activities, and public parks nearby.  A 61 Transit Score makes it convenient to use public transportation.  Saint Paul Street has a bike lane and the next street over, Guilford Avenue, is known as a low-traffic recognized bicycle friendly street connecting cyclists all the way to the Inner Harbor.  The Bike Score is 86.  Residents can feel safe living at 2739 Saint Paul Street, which garners a Crime Score of “B”.

A desirable, attractive building in a good block is sure to sell quickly.  Don’t wait to pick up this gem.

INVESTMENT SUMMARY:
$399,000  investment
$100,000 per unit
$107,250 per unit after investing $30,000 to rehab the Terrace Apt.
7.9  GRM after rehabbing the Terrace Apt assuming all units rented at market rates
8% Cap Rate after rehab assuming all units rented
11% cash-on-cash return on investment after rehabbing the Terrace Apt.